I deal with many established and aspiring authors, and one lesson that experienced authors know well and new authors have to learn is that before you write a single word of your book, you should have a business plan for it.
Don’t be scared. Business planning does not have to be difficult. I’ve found a business plan book that makes planning anything very simple.
Instead of the traditional bulky business plan document, this book teaches you to start your business planning process with just three sentences, which is quite nifty. The three sentences are:
- What is your project/product?
- How will you promote it?
- How will you monetize it?
You might recognize that this touches on some of the most important parts of writing a book because you have to choose a good book topic, plan your book promotion and have a sense of whether the book will ultimately be lucrative for you and meet your financial goals for it.
If you have an idea for a new book, especially if this is your first book, try to plan the entire strategy for this book before you begin writing it. If you treat your book as a business, it will be easier for you to meet your financial goals for the book. Plus, if a part of your book strategy isn’t correct, it will be easier and cheaper for you to fix your strategy mistakes earlier in the process rather than later.